Crucell 3Q profit falls 22 percent

Crucell's 3rd-quarter profit falls 22 percent on exchange rates, timing of milestone payments

• On 8:03 am EST, Tuesday November 3, 2009

NEW YORK (AP) -- Dutch biotechnology company Crucell NV said Tuesday its third-quarter profit fell 22 percent as a stronger U.S. dollar and the timing of milestone payments cut into margins.

The company earned 10 million euros ($14.6 million), or 15 euro cents per share (21.9 cents), compared with profit of 12.8 million euros, or 19 euro cents per share, in the year-ago quarter. Revenue jumped 15 percent to 94.3 million euros ($137.6 million) from 82.1 million euros.

Crucell said sales of pediatric and respiratory vaccines helped boost revenue during the quarter. Crucell's key product is Quinvaxem, which protects against several childhood diseases including diphtheria, tetanus, and whooping cough.

The company said gross margins were 39 percent, down from 50 percent a year prior, due to the timing of development milestone payments and fluctuations in exchange rates.

Crucell reaffirmed its full-year profit forecast for revenue and operating income to grow 20 percent.

U.S.-traded shares of Crucell closed at $19.95 Monday.